London market electronic trading business Ri3K has rejected a takeover bid led by shareholder Neil Eckert and is now considering two alternative approaches, The Insurance Insider can reveal.  The Ri3K board is due to decide imminently between the bids from a subsidiary of Hewlett Packard (HP) and a private equity financed management buy-out (MBO).  The bid from HP division MphasiS is believed to be the favoured option, according to sources.  A deal will end months of speculation for the loss-making technology business.  Former Brit Insurance CEO and industry entrepreneur Neil Eckert was part of a consortium that acquired a majority of Ri3K in 2007. The consortium also included ICAP's Michael Spencer and the hedge fund Eton Park.  Recently, The Insurance Insider revealed that Eckert's company Climate Exchange plc invested a seven-figure sum into RI3K while the technology company continued talks with potential new backers.  RI3K was effectively put up for sale late last year when its major customer, the broking giant Aon, insisted that fresh capital be placed in the business in order to attract other major brokers into using the network.  The electronic trading platform's technology includes a messaging service that allows documents such as quotations, placements and endorsements to be exchanged from one side of the marketplace to the other.  RI3K is yet to turn a profit since its launch in 2000 and is thought to have spent over £40mn in developing its technology.  Sources suggest both options value the reinsurance placement network at approximately £10mn.  Whoever wins the auction, the priority will be to successfully conclude negotiations with Marsh and Willis on the brokers placing relevant business through the network.  The broking "big three" provide more than half of all business written in the London market and effectively are in control of the platform's future.  It is unclear who is providing the capital to support the MBO bid for RI3K, which is led by CEO Alex Letts.  Eckert, who is a member of the Ri3K board, recently sold Climate Exchange to US energy exchange group ICE for £350mn.  RI3K employs about 60 staff and says it has a network of more than 270 companies trading on its service.  A decision is expected next week.  Ri3K declined to comment.